South Korea imports of Iranian crude oil have increased 2.9% in November compared to a month ago despite West’s unilateral embargoes against Iran's oil and financial sectors.

According to the data released by Korea Customs Service, Seoul purchased 814,797 metric tons, equivalent to 5.97 million barrels, of oil from Iran in November...

South Korea halted crude purchases from Iran in August and September after its refiners lost insurance coverage on ships because of the sanctions imposed on Iran. However, Iran responded by using state-owned tankers to carry cargoes, a move that would allow South Korea to receive crude shipments without concerns over insurance guarantees.

South Korean refiners will cut imports of Iranian crude during the six months to May by about a fifth from a year earlier, to avoid sanctions by Washington, government and industry sources told Reuters on Monday....

"The cut in next year's imports is expected to be by about 20 percent year on year," an industry source who has direct knowledge of the matter told Reuters.

South Korea gave the assurance on the size of the cuts in talks with the United States following discussions with Korean refiners, the sources said.

Such a cut would imply South Korean imports of about 147,814 bpd over the period to next May, since it imported 184,767 bpd of Iranian crude from December 2011 to May 2012.